Lafayette-Based Bank Expanding Its Reach Throughout Louisiana
It's a huge increase for us. It's going to bring a lot more business and we think be very, very positive to the company.
That was Midsouth Bank CEO/President Rusty Cloutier commenting on the announcement that the banking company has bought two banking offices in the Baton Rouge market, a former Hancock Bank branch and a former Whitney Bank Branch. This means that the banking company will be doubling its presence in that area.
They are awaiting regulatory approval. Cloutier says it usually takes about 60 days to get the approval of the Office of the Comptroller of the Currency to allow them to open them, but they "don't think (they) will have any problem with that at all." Cloutier expects them to open the new branches in the middle of September to the middle of October.
Besides the expected four banking locations that Midsouth Bank has in Baton Rouge, the banking company has a strong presence throughout Acadiana and even into Texas. Cloutier says they have consolidated all of their operations in both states to Acadiana, a lot of it in Breaux Bridge. He says all of the executives live in Lafayette.
Terms of the deal were not disclosed. The two branches were put up for sale after Gulfport, Miss.-based Hancock Holding completed its acquisition of Whitney.